The annual median property price across the country has fallen for the first time in more than a decade, amid the housing market slowdown.

The seasonally adjusted national median price for July fell 1.6 per cent from a year ago and is down 2.8 per cent from June, to sit at $810,000.

The last time the national annual median price decreased was in July 2011.

Auckland's median price fell 2.7 per cent (adjusted for seasonal variations) from June and 5.4 per cent from a year ago, to be at $1.1 million.

REINZ chief executive Jen Baird says while the median price shows an annual decrease, affordability remains an obstacle for many, driven by rising interest rates, inflation and tighter lending criteria.

"In more affordable regions, we have continued to see significant growth compared to larger markets such as Auckland and Wellington. Buyer demand remains intact in Canterbury, and specifically Christchurch, reflected in the region's strong performance over the past months.

"On the other hand, the Wellington market hasn't fared so well. According to local agents, the number of attendees at open homes has fallen."

National sales activity fell sharply, with the number of residential property sales down by more than a third from a year ago.

Homeowners are also taking longer sell, with the national median number of days to sell a property at 47, which was 16 more than July 2021.

Baird says it's the highest number of days to sell nationally since February 2019, excluding April and May 2020, which was affected by the Covid-19 lockdown.

Seasonally adjusted annual median price changes for selected regions

• Auckland $1.1m down 5.4 per cent
• Bay of Plenty $860,000 up 4.1 per cent
• Canterbury $678,000 up 13.2 per cent
• Otago $645,000 down 2.3 per cent
• Waikato $788,550 up 7.9 per cent
• Wellington $809,100 down 5.1 per cent

-RNZ.